Turkish strikes leaves hundreds of Syrian villages without electricity
Qamishli, Syria - Hundreds of northeast Syrian villages and towns have lost power after Turkish strikes pounded electricity stations and infrastructure,...
Geostrategy
Geostrategy
UK government revokes gas fracking ban in England
Britain lifted England's moratorium on controversial gas fracking to boost energy security, despite breaking the ruling Conservative party's manifesto pledge.
- Fracking is carried out by blasting a mixture of water, sand and chemicals underground to release shale oil and gas.
- But environmentalists argue that the process contaminates water supplies, hurts wildlife, causes earthquakes and contributes to global climate change.
Geostrategy
‘Hungary wants EU sanctions on Russia lifted by year end’
Hungarian Prime Minister Viktor Orban wants EU sanctions on Russia over its invasion of Ukraine lifted by year end, a...
- Hungary is highly dependent on Russian oil and gas and Budapest has already secured an exemption from sanctions on Russian crude oil imports via pipelines.
- EU foreign ministers held an emergency meeting to discuss after Moscow mobilized reservists for its war in Ukraine.
Economy
Europe throws billions at energy crisis
Hundreds of billions of euros and counting have been shelled out so far since Russia invaded its pro-Western neighbor in...
- The public spending has continued even though European Union countries already accumulated mountains of new debt
- But some leaders have taken pride at their use of the public purse to battle this new crisis, which has sent inflation soaring
Economy
Social media greenwashing by fossil fuel interests ‘rampant’: study
This is a widespread corporate practice researchers call "redirecting responsibility" in which individual behavior, rather than the actions of governments...
- Entitled "Three Shades of Green(washing)," the report released during New York's Climate Week found that only one in five "green" car ads actually present a product for sale
- Silvia Pastorelli, a Greenpeace campaigner, said in a statement that the report highlighted techniques that had been "hiding in plain sight."
Business
Saudi China’s largest oil supplier in Q1 despite Beijing’s Russia imports
Riyadh, Saudi Arabia - Saudi Arabia topped the list of oil suppliers to China for the first time in four...
- Saudi’s oil exports rebounded last month to 8.475 million tons, or 1.99 million barrels per day (bpd).
- The Kingdom remained the biggest supplier to China this year, shipping 58.31 million tons of oil till Aug.
Geostrategy
Putin accuses European Union of blocking Russian fertilizer
Putin accused the European Union of blocking 300,000 tons of Russian fertilizer from reaching the world's poorest countries. "Our offer......
- In July, an agreement was signed which allowed Russia to export its agricultural products and fertilizer despite Western sanctions.
- The West imposed a litany of sanctions on Russia after it sent troops into Ukraine on February 24.
Business
Aramco says global energy transition goals unrealistic
Oil giant Saudi Aramco's chief blasted "unrealistic" energy transition plans, calling for a "new global energy consensus", including ramped-up investments...
- Aramco unveiled record profits of US$48.4 billion in Q2 of 2022 after Russia's invasion of Ukraine and a post-pandemic surge in demand sent crude prices soaring.
- One of the reasons for energy crisis is declining oil and gas investments, the Aramco chief said.
Business
DEWA, Desolenator ink pact
Dutch firm will provide water desalination technology
- The innovative design is intended to be 100 percent reliant on solar energy.
- As per the agreement, a pilot water desalination plant has been installed at the Jebel Ali Power Plant and Desalination Complex.
Economy
Without collaboration, green transition ‘delayed by decades’: IEA
Against the backdrop of surging energy prices and the threat of a global food crisis, the IEA urged nations to...
- At last November's COP26 climate summit in Glasgow, 45 countries vowed to work together on the deployment of green tech across a variety of sectors
- Greater coordination between countries would make key green technologies cheaper for developing nations to deploy at scale, the IEA said
Business
German chancellor to visit Saudi seeking energy support
Scholz, whose two-day trip next weekend will also take him to Qatar and the United Arab Emirates, becomes the latest...
- On Sunday, Scholz will meet with UAE President Sheikh Mohamed bin Zayed Al-Nahyan, and in the afternoon will hold talks with Qatari Emir Sheikh Tamim bin Hamad Al Thani.
- German Economy Minister Robert Habeck already visited Qatar and the UAE in March in an effort to find alternatives to Russian gas,
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150 dead in Libya after storm Daniel results in floods
"At least 150 people were killed as a result of flooding and torrential rains left by storm Daniel in Derna,...
Geostrategy
Iran-US non-oil trade reaches US$31m in January-July 2023
TEHRAN, IRAN - The US Bureau of Statistics in its latest report said the trade between Iran and the United...
Business
Most Read
Economy
Mega projects bet high on diversified future
This TRENDS infographic dives into Saudi Arabia’s ambitious transformation to discover how the Kingdom is reshaping its future with high...
- Saudi Arabia has allocated $250 billion in construction contracts since 2016 as part of its Vision 2030 strategy to diversify economy, attracting tourists and investments
- In 2022, Saudi Arabia emerged as the fastest-growing G20 economy, fueled by a massive $1.25 trillion investment in real estate and infrastructure projects
Geostrategy
Saudi crown prince says ready for economic partnership with BRICS
DUBAI, UAE – Saudi Arabian Crown Prince Mohammed bin Salman in a telephonic conversation with Russian President Vladimir Putin has...
- The Russian president and the Saudi crown prince discussed the outlook for BRICS expansion.
- The two leaders reviewed cooperation between the two countries within the OPEC+ agreement framework.
Business
Masdar, Africa50 sign MoU
The aim is to speed up clean energy transition in Africa.
- Masdar brings its technical expertise and extensive experience in emerging markets and will work with Africa50 to bridge the infrastructure funding gap.
- Africa50 brings its skill in developing projects in the continent and which, combined with Masdar, can help unlock clean energy potential.